Chit fund scam: Orissa HC grants bail to Fine India director Nasir Khan 

The Orissa High Court on Monday granted bail to Nasir Khan for his involvement in the Fine India chit fund scam. 

According to reports, Khan, who was the director of Fine India chit Fund, was granted bail in a case filed by the Enforcement Directorate (ED). Earlier, Nasir was granted bail by the Supreme Court in a Central Bureau of Investigation (CBI) case. 

In the year 2009, the Central Bureau of Investigation (CBI) arrested Nasir Khan while conducting a probe into the chit fund scam in Odisha.
Fine India was active in all the districts of Odisha and over Rs 500 crore was allegedly scammed by the company. 

Accused Nasir also worked in a Hindi film ‘Shadow’ and was the producer of the movie.

Also Read: Seashore chit fund scam: Charges framed against ex-Choudwar-Cuttack MLA Pravat Biswal 

In a major development in the Odisha chit fund scam investigation, the CBI in September 2023, framed charges against former Choudwar-Cuttack MLA, Prabhat Biswal and his wife Laxmibilasini. 

The charges were framed against the husband-wife duo for their alleged involvement in the multi-crore chit-fund scam.  

Biswal and some other BJD leaders' involvement in the multi-crore Ponzi scam came to light after the national probe agency took over the case in May 2014. The Supreme Court of India had directed the CBI to take over the investigation.